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Regulatory roundabout: Six developments you need to know

We highlight notable European regulatory developments, from EU-South American talks on financial regulation to a French court extending the potential criminal liability of acquiring companies.

The first EU-South America forum on financial regulation took place on 17 November, with authorities from the two regions exchanging views by videoconference on banking supervision and cross-border cooperation to promote mutually compatible regulation.
During its 42nd plenary session, the European Data Protection Board adopted a statement on the future of ePrivacy Regulation, expressing concern that the EU Council’s handling of the proposal could lead to procedural complexity and a lack of consistency and legal certainty for individuals and companies.
The second meeting of the EU-Japan Joint Financial Regulatory Forum considered the impact of COVID-19 on a number of concrete regulatory and supervisory issues via videoconference on 20 November 2020. Financial benchmarks, enhanced co-operation particularly on recovery and the insurance sector were discussed.
The European Commission proposed a new regulation to “facilitate data sharing across the EU” and “offer an alternative European model to data handling practice of major tech platforms”. The regulation includes measures to allow novel data intermediaries to function as trustworthy organisers of data sharing.
On 25 November, France’s top court, the Cour de Cassation, ruled that acquiring firms can face criminal liability for a target company’s actions. The ruling established that, under certain conditions, an acquiring firm can face criminal conviction for acts committed by the target company before a merger takes place.
The EU’s geo-blocking regulation is successfully prohibiting unjustified geographical restrictions on access to goods and services within the bloc, according to a European Commission review of the rules, which were introduced in December 2018.